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CGassist.168, Accountant
Category: Capital Gains and Losses
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Experience:  Tax Accountant
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Bought my home in 1979 ,000 would like to sell it ,00 what

Customer Question

bought my home in 1979 for 119,000 would like to sell it for 850,00 what capital gains will i have to pay
Submitted: 1 year ago.
Category: Capital Gains and Losses
Expert:  CGassist.168 replied 1 year ago.

An approximate $731,000 gain without the exclusion. If you meet all of the requirements, you will be able to exclude either $250,000, if filing single or $500,000 if filing jointly and both you and the spouse meet the requirements. Either 15 or 20% capital gains tax, depending upon certain factors. Those factors are as follows;

Cost of qualified improvements, which is added to the cost basis;

Qualifications to exclude a portion of the sales price.

You likely qualify for the sale exclusion. To be sure, refer to the IRS Pub 523 for more details.

Link to IRS Pub 523:


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